Internal Audit 4.0

A lot has happened since Deloitte released Internal Audit 3.0 (IA 3.0), our market leading framework for elevating the role and expanding the remit of Internal Audit. This framework has been a useful and durable framework for many internal audit functions as they’ve evolved their role and remit, and inspired innovation in their ways of working.

The IA 3.0 framework supported the concept that internal audit is responsible for balancing three core activities: providing assurance, advising management, and anticipating risks and opportunities. Striking that balance challenged internal audit functions to increase their impact on their organizations by delivering value through a combination of Assure-Advise-Anticipate. Internal Audit 3.0 (IA 3.0) has been a useful and durable framework for many internal audit functions as they’ve evolved their role and remit, and inspired innovation in their ways of working.

Looking ahead, the breadth of demands on internal audit, and pace and scale of innovation in the profession point to the need for an update, but not an overhaul, of our vision of the internal audit function of the future— Internal Audit 4.0 (IA 4.0). Along the way to IA 4.0, we have learned that:

• Speed and agility are essential
• Big bang approaches tend not to work
• Haphazard efforts undermine progress

Internal Audit 4.0 is directed to Internal Audit leaders, professionals, and stakeholders:

• Recaps the elements of Internal Audit 3.0
• Summarizes lessons learned as functions have adopted the framework; and
• Presents a refreshed vision of the future of the Internal Audit function, IA 4.0, which incorporates those lessons and demonstrates why Internal Audit functions should be purpose driven and digitally powered.